KUALA LUMPUR — NationGate has received approval from Bursa Malaysia Securities to list on the ACE Market.

The approval for the listing is a significant milestone in the company's journey to becoming a listed entity, Managing Director Ooi Eng Leong said in a statement.

"Our listing plan serves to fortify our financial strength for reinvestment into technological capabilities as well as build and retain a talented workforce in the dynamic, ever-changing technological landscape of the EMS environment," he said. "It will also enable us to raise funds we need to purchase additional machinery and equipment to expand further our surface mount technology (SMT) assembly capacity and enhance our production efficiency in line with the increased demands from our group's existing and new customers."

The company said its initial public offering entails a public issue of 435.5 million new shares in NationGate, representing 21% of the enlarged share capital. Out of the shares allocated for the public issue, 103.7 million new shares will be made available to the Malaysian public via balloting, 103.7 million new shares will be available for its eligible directors and employees as well as persons who have contributed to the success of NationGate under the Pink Form Allocations, while the remaining 228.1 million new shares are earmarked for private placement to selected investors.e placement to selected investors.

As part of its listing exercise, the existing shareholders of the company will also make an offer for sale of 290.4 million shares by way of private placement to selected investors and Bumiputera investors approved by the Ministry of International Trade and Industry.

NationGate is scheduled to list on the ACE Market of Bursa Securities by January 2023.

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